>> how we envision this process working the lemon agency will outreach to the various members of the community through 0 flier and let folks know this project is coming in 18 months at least relay around if you have issues with credit or late payment come on offer we'll help you, we anticipate this process will be ongoing throughout the development period so it will start a month after construction closings we anticipate that will keep on going up to the developer accepts plagues for the development. >> okay. thank you. thank you. there's a motion by commissioner mondejar >> second by commissioner singh

please call roll. >> commissioners. commissioner mondejar. commissioner singh. commissioner chairperson rosales. madam chair the vote is 3 i's >> thank you. the matter is passed. can you please call the next item >> item 5 i adapting environmental findings for the environmental quality act for the agreement for candle stick point and hunters point shipyard with the cpl p subject to the approval of the oversight board and discussion and action 2014 madam director. >> thank you madam secretary commissioners you've heard this is a second amendment to the phase two the very first amendment you undertook on

december 18th, melvin we're back again, because circumstances have changed with the delay and transfer with the hunters point shipyard as well as unfortunately, the 49ers have moved to santa clara that creates an earlier delivery of candle stick land that is a burden to the city in terms of maintenance and certain liebltd if 23 accept the structure with that, i'd like to ask ethan the assistant to talk about the terms of the agreement. >> this is his first presentation before you. >> good afternoon, commissioners director bohe i'm the assistant project manager here to talk about the phase two at hunters point shipyard candle

stick ambassador before i jump in i want to give you a brief overview like the director mentioned the phasing has changed the transfer to the navy lands at the hunters point shipyard has been detailed i'm sure you're aware of the 49ers left candle stick park they were going to be here until 2023 so the stadium has been accelerated to make sure the project 34068d move forward and the transfer must be adjusted to allow ocii to transfer the entire stadium site to lenore i want to stress throughout this presentation the proposed changes are a different way of achieving the same outcome. so the project site to give you complexity e context, you know, is comprised of two landmasses

that are hunters point shipyard and candle stick point i've identified in the lower left the stadium site the focus of today's discussion alice griffith is north of that and the navy land hunters point shipyard to the north of that. so also some phrases i'm going to be using sub phase a reminder to the commission a major is the larger sub areas dlaefltd by the corresponds in the diaphragm and 4 major phases between the project site repealed on each hunters point shipyard and candle stick point and then sub phases are sub areas of the major phases xhierptd of 4 to 6 blocks when the applications are submitted to ocii. and when i wanted to show with

this slide hearsay the project that reflects the revised phasing in john january of this year i want to point out you see the stadium site when is the eggshell color in the lower left hand corner it's major phase one and something else that large pink up firefighter north is major phase 4 and again is the direct result that the navy has the land and taking mediation at the sites. so this is the land use pattern for the project you have the yellow and orange for the residential again 10 thousand 5 hundred unit the blue showing commercial in the hunters point shipyard site and red is retail that's i'll get into that that's

centered around the existing stumd site and open space you'll see a lot of the parks and open space is located within the large pink area i've identified he hunters point shipyard this is under the navy's control all the parks is down at candle stick. so the revised phasing plan includes the c p center we'll call sub phases o-3 and 04 those are included in the projects next phase of development and all of c p center the next sub phases are within the stadium site together it includes 6 hundred and 75 thousand of retail and up to 3 hundred and

94 affordable housing and the local serving hotels and c p center is one of the primary anchors of the candle stick point portion of the project. those diaphragms illustrate a lot of what i've said on the left you see there are a number of sub phases located within the stumd site so c po 2 is the wedge on the left hand and surround by organizations 3 and o 04 there are a number of sub phases entirely or partially located within the stumd site the right hand is what the project will look like an diaphragm and all the red and lighter dusty rose in the stumd

site >> core rum. >> is the original retail and the residential use in the yellow surrounding that. in order to get from here to there there's a number of steps to be taken. so that includes the land has to be transferred in a number of stakeholders and in the stadium has to be transferred to ocii pursuant pursuant to another agreement it's opposed by the city and state primarily and the next large thing to happen lamar has to to demolish the stadium the stadium is left vacant it has a cost to the city and developments demolition is estimate and abatement will cost up to $30 million so we don't

know up to $130,000 lamar has to summit and ocii has to approve the applications in the various contracts. so given everything i'll told you ocii things supports the implementation of the project to transfer the entire stadium site to lenore prior to the demolition of the stadium this is different a different approach for the transfer los angeles police department this is contemplated but for the following reasons it's the best approach the city and ocii will transfer the costs with the demolition over to lenore. the entire stadium site will begin to accrue tax equities and

if they were to be entirely moved to private ownership and lastly for the timeline for the completion of the c p center the occasion has to occur first, the current smith's of applications we'll line up demolishing the stadium so begin the infrastructure and development to support that development without delay. so the stumd site is subject to specific requirements because it's currently considered open space promotion c requires there be a biden demolition to respect the land with an equal amount of open space within the site. we're calling items the majority of parks and open space is again

located at hunters point shipyard because the spaces at candle stick point is city owned. so section 10.3.2 h provides the framework for the requirement ever a of a binding obligation when the transfer happens it requires that lamar must be completing the equal amount of the stadium being transferred if not completed they must provide adequate security like a bond in the amount to equal to the size of the stadium being i ask you

to spend time it's a lot of words again, i want to suppress the important requirement we're meeting and the biden obligation in participation g a number of ways to meet the proposition g requirement the way it is done in section that i read to you was the way that made sense at the time the document was drafted by again, it's one of the many ways that proposition g can be satisfied. with that, in mind the second amendment provides an alternative amendment to the obligation to say a rault result of the phasing plan but insures that the proposition is transferred to lenore that

lenore will meet the same requirements as required before undertaking the project and there's a benefit to ocii to the city and again which was required by the dissolution law. so with the second amendment for the construction lenore will demolish the stadium if 2015 and only use the stadium for the uses to demolish the stadium as approved by ocii. so we'll come to ocii with the subsequent uses and determine whether or not their appropriate and they'll be obligated to summit the applications to ply with the proposition g requirement.

what the second amendment did is insure we are he meeting the requirement one is the d restriction is placed on the whole stadium it be removed in phases to restrict the limited uses as approved and the quit claim deed my approval to are returned to ocii if lamar can't complete their obligation in lenore walks away before it's complete the los angeles police department will be transferred by to ocii in the same condition and will constitute a return to the open space to the city compliant with proposition g and at the time lamar is granted an

approval they'll provide additional park security that provides the wherewith all if they're unable to complete your construction and additional the park security is a financial obligation collateral has a bond or corporate guarantee it does now that you've come in you've changed the nature of the land it can't be returned back to the same condition therefore they have the money to rebuild the parks for whatever reason. so as required by itself dissolution law it must benefit the tax amenities the two ways the future by providing for a

transfer to the - by increasing the land school district u subject to the transfer. and last also the can advance removed if the 73 city and county as well as the liability resulting from the liability and the ownership of the site. so in summary the project was revised and the demonstration of c p center is the next development plan and green before completing that land must be transfer to ocii and lamar a must demolish the stadium it benefits ocii and benefits the city and other tax amenities and allows for the outcome we're looking for in building the

project and the second amendment better result ocii to transfer the entire transfer to lenore and makes sure accident requirement are met at the time of transfer. so next steps. upon approval of the commission if we have that granted the originate board will be there on september 2nd and go to the california department of finance and we'll transfer the land to lenore in the fall of 2015 and gun construction in 2015. that's all i have i have members of the lamar team available here to answer questions >> do we have any speaker cards. >> we've got two speaker cards

(calling names) yes welcome. >> welcome back. commissioner mondejar says. 80 listening to director bohe as the chair for the hunters point shipyard i know that much has changed due to the detach at 49ers the section amendment addresses an yuptd process the demolition of the assumed starting in the next several months the sectioning second amendment helps to advance the next phases of the project which will include as you've heard the demolition of the vacant stadium and replaced with the retail uses and other mixed neighborhood please keep in mind the retail used will compliment

the alice griffith replacement project that are currently under construction nearby bringing jobs and economic activity to the stadium site the new retail uses will include much needed oriented retail that serve alice griffith such as a drugstore and other similar uses and to sweeten it a little bit additionally the second amendment allows for an increase in the property taxs to paid to the city and school districts by transferring the land into private ownership he earlier than proposed so on behalf of the cac shipyard i urge you to support the second amendment thank you very much >> thank you. next speaker. >> good afternoon,

commissioners my name is a kathy i'm the director for the department of finance i'm here to express the departments support for this amendment to the d dr or a the department have's along been supportive of the hunters point shipyard project i'm sure you're aware of the commission agreed to transfer the acres to the project project because the commission economy this will bring 3 hundred acres of open space to this newly developed neighborhood we continue to support this project and looking forward to working with lenore on a parks plan for the project we know that we need to meet the commitment to the rec and park commission and that rec and park staff ocii staff and lenore need to work together in the

developed and operation of future open space many the hunters point shipyard project and certainly from a staff standpoint we're happy to have that conversation in about the parks in the new neighborhood. >> thank you. >> 350. >> oh, 350 i put 3 hundred arrest excellent. any more speakers and no other spvrdz >> do we have any questions by the commission. >> okay. i just what is the i heard there's a 3 hundred acres. >> acres of this place - stadium. >> there's about 3 i don't know exactly 3 hundred and 3 hundred

and 50 acres of open space planned. >> what's we - after it's demolished. >> the parks and open space won't be within the foot of the open space but the open space that needs to be replaced is seen throughout the project site and we have an open space plan that was approved along with the d da that shows the conceptual design planned for the site. >> approximately the space is open space. >> how much of the space. between 3 hundred and 3 hundred and 50 spaces >> after the bid. >> what. >> i understand their going to be commercials and all those kinds of things after demolished. >> commissioner singh you're correct almost half of the site

will be parks but over 12 thousand homes with the majority candle stick you've heard dr. honeycutt and office and other uses and $3 million plus research and development retail space. >> i know there's 12 thousand owned but i'm talking about the stadium only. >> so within the footprint site the candle stick within the stadium site 15. >> i'd like have to deter to lenore it's one thousand and 25 thousand home i'll have to defer to lamar. the exact count within the site >> hi commissioners julian with lamar i came up here to tell you

i don't know how many exactly but in the 3 thousand range i can conform that. >> we can foul to the commission with that information. >> commissioner mondejar. >> i only have a question on the demolition work it's kind of sad to see the stadium go but if it's going to go this is work that lamar will be contracting out for demolition correct not this agency. >> correct an rfp on the street for the abatement of the told her and the demolition of the state and federal stadium. >> and the agency active apply. >> yes. >> that was the only question

i had. >> i move that. >> thank you. >> second. >> it's been moved and seconded. >> commissioner. >> commissioner mondejar. commissioner singh. commissioner chairperson rosales. madam chair the vote is 3 i's >> thank you. motion passes. next item, please. >> the next order of business item 5 j the issuance of taxable and tax allocation bonds in a principle amazement not to exceed 3 hundred million and a trust in a bond purchase contract and prevail of other related documents and action dollars subject to oversight board and madam director. >> commissioners you've taken a series of actions relate to a proposed funding of our large

majority of our debt portfolio through a financial consultant and that bond person and now we're here before you with a proposed authorization for the funding that will save property tax dollars for this commission and the city if given the current interest rates with that, i'd like to ask john who is the senior financial analyst with ocii to present. >> thank you director bohe good afternoon. i'm john i'm the senior financial analysts for the ocii pr this item authorizes the issuance of 2 bonds including but not limited to $300 million and approve documentation and related staff actions. the resolution also determines that the funding savings meet

the requirement of the government citing's the analysis as exhibit c approval will allow ocii to seek the oversight board and the dennis praufdz u approvals for the funding is set foerths not to exceed the bonds capping them and the underwriters danced u discount at this point, i'd like to introduce a few team members who are here to support this and answer any technical questions you might have. first scott ferguson from jones xavier hall that draft most of the key documents, and, secondly, gary who is the co- financial advisors and thirdly, bob and sam from the p

f m who are the financial advisors and the authors of the huge numbers runs that's attached as exhibit c that analyze the refunding. the current interest rates are a historic lows with the outstanding bond issues will require approximately $190 million in new bonds and generate the debt savings of $13 million. if rates continue to improve 3 more bonds will be candidates. so what we've done is allow things if things move in our photograph the recent ocii

policy has a savings of 3 percent of the principle but allows flexibility depending on circumstances the staff was considering including any bond with a savings 3 reasons first rates are at an esteem low so second large size of the transaction means the additional costs of adding other bond is low and third reducing the number of oung loans in bonds simplifies the bond and the administrative overhead of the portfolio over time. a few words on wants bond structure the resolution proves the issues in two serious a

taxable series b not to exceed $110 million and a tax exempt not to exceed $190 million the bonds will be issued by ocii under a new creditor structure the payments can only be made on excited bonds are provided for. the existing bond structure relies an individual loans by each project area, however, it will allow the bonds directly and the r gp f without specific loans that creates a merger area simplifying the credit analysis for the manpower and a longer-term debt portfolio the structure will allow the transaction to proceed without details that would result in